With Short Sales, TIME IS OF THE ESSENCE!! Here's why.......
Any of us who have a fair amount of experience with short sales know that they don't always go according to any expected time frame.
Requesting extensions from the bank is a fairly common thing.
However, it is extremely important to realize that you should NOT use that as a buffer and think, "oh well, we'll just ask for an extension"
Remember, a short sale is a FINANCIALLY DISTRESSED property owned by a FINANCIALLY DISTRESSED homeowner.
Time is of the essence on these properties because ANYTHING can happen during an extended amount of time.
10-day extension not such a big deal, huh?
Anything can pop up during those 10 days - a new tax lien, a new HOA lien, etc. because any financially distressed property is more than likely going to eventually generate more debt, more liens, etc.
DONT' USE THE ABILITY TO GET AN EXTENSION FROM THE BANK AS A CRUTCH!!
Move even MORE quickly than you would on a standard sale when it comes to short sales.
You never know what financially distressed shadows are lurking around the corner that will throw turmoil into your escrow..........
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